Since its inception in 2009, Bitcoin has experienced multiple spectacular bull markets and brutal bear markets. Behind every price surge lies deep logic involving market psychology, technological evolution, and policy shifts. For participants looking to seize the bull run opportunity, understanding these cyclical patterns is crucial. This article will deeply review four iconic bull market phases, revealing the core forces driving Bitcoin's rise.
The Essence of a Bull Market: From Scarcity to Consensus Upgrade
Bitcoin's bull markets do not occur out of thin air but are the result of resonance among multiple factors. Broadly speaking, a bull run has the following characteristics: sustained price increases, significant trading volume expansion, on-chain activity surging, and social media buzz.
Compared to traditional stock markets, Bitcoin's bull markets are more volatile—doubling in a short period or halving. This extreme volatility is precisely the source